According to the report “Global Medical Tourism Market,” published by Market Data Forecast, the global market is projected to reach USD 46.6 billion by 2021 from USD 19.7 billion in 2016, at a CAGR of 18.8% from 2016 to 2021.
Medical tourism can be defined as the process of travelling outside the country of residence for the purpose of receiving medical care. Growth in the popularity of medical tourism has captured the attention of policy-makers, researchers and the media. Originally, the term referred to the travel of patients from less-developed countries to developed nations in pursuit of the treatments not available in their homeland.
Today we are experiencing both qualitative and quantitative shifts in patient mobility, as people travel from richer to less-developed countries in order to access health services. Such shift is mostly driven by the relative low-cost of treatments in less developed nations, the availability of inexpensive flights and increased marketing and online consumer information about the availability of medical services.
What really puts the word “tourism” in medical tourism concept is that people often stay in the foreign country after the medical procedure. Travelers can thus take advantage of their visit by sightseeing, taking day trips or participating in any other traditional tourism activities.
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Global Medical Tourism Market: Drivers & Restraints
High treatment costs and long waiting time’s circumstances for medical procedures, advancements in technology, and development of market are the major factors driving the growth of the market. Stringent documentation forms, issues related with visa endorsement, and limited protection scope are the restraining the growth of the market. Developing countries with evolving innovation and technology is fueling the market.
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Global Medical Tourism market: Segmentation
- Cancer Treatment
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Global Medical Tourism market: Overview
Medical tourism has had a tremendous impact on the healthcare system. It has allowed for development of expertise in specialty treatments at various destinations across the world. Medical tourism has helped fund research & development activities in the healthcare industry. It has also attracted further investments for development of infrastructure and service capabilities of popular service providers. Globalization, communication revolution, and better logistic connectivity has allowed for patients to reach remote pockets of the world that offer necessary specialty services with excellence.
Medical tourism attracts potential customers of service providers in one destination to another. This results in a considerable loss in customer base and eventually revenue streams. Owing to this loss of profitability, institutions are unable to invest in research and development and improve or grow their capabilities. Furthermore, owing to a lack of profitability, it becomes difficult for such institutions to attract investments for developing their capabilities and expertise.
Global Medical Tourism market: Region-wise Outlook
On the basis of geography, the global market is analyzed under various regions namely North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Cosmetic treatment holds the largest share, because cosmetic treatment is not covered under insurance.
Key Questions Answered
- What is the current and future Medical Tourism market outlook worldwide? What trends are affecting the Global market?
- What is the competitive landscape and market share of major players in the Medical Tourism space globally?
- What are the key, high growth markets that Medical Tourism industry should expand into? Which market segments are growing the fastest?
- What are the unmet needs with the Medical Tourism currently on the market? How will emerging technologies fulfil these unmet needs?
- What is physician perception and market outlook of Medical Tourism?
- What are the challenges and barriers that have hindered widespread adoption of Medical Tourism?
Global Medical Tourism market: Key Players
Leading healthcare players contributing to the global medical tourism market include Min-Sheng General Hospital, Apollo Hospitals Enterprise Limited, Samitivej Sukhumvit, Fortis Healthcare Ltd., Asian Heart Institute, Prince Court Medical Center, Bangkok Hospital Medical Center, KPJ Healthcare Berhad, Raffles Medical Group, and Bumrungrad International Hospital.
Reasons to buy Medical Tourism market Report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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